Makati—(PHStocks)—Empire East Land Holdings Inc. (PSE: ELI) has signed a joint venture agreement with Okada Group, Tiger Resort Leisure and Entertainment Inc. and Eagle 1 Landholdings Inc. to take the lead with a majority stake in the development of a 12.95-hectare luxury residential resort condominium project in Entertainment City Manila. The high-end project will comprise more than 25 residential towers in several phases.
“We are very honored and excited to be a partner of the internationally renowned and prestigious Okada Group,” said ELI President Anthony Charlemagne Yu. “We believe that Entertainment City Manila will not only be the biggest tourist hub in the Philippines in the next few years but also an excellent place to live in. We foresee that this world-class city will attract 1 million tourists yearly, and will be a big draw for foreign investors and retirees. Many of these visitors may opt to buy properties for a longer stay or retirement. With Empire East’s participation in Entertainment City, we intend to make this place not just a great resort for tourists, but also a great resort community for people to live in,” he said.
“Our Empire East Elite brand, which specializes in luxury residential condominiums with resort amenities, will cater to more sophisticated, discerning and value-driven customers who want to live in and experience a luxurious and comfortable urban residential community complemented with resort amenities,” added Yu. ELI has recently approved to increase its authorized capital stock from PhP23.4 billion to PhP33.4 billion, which is expected to be completed within the end of the year.